The Moulton Sarasota Real Estate Report – March 2019

Housing Market Remains Stable Despite Sales Slowdown

Much is being written in the media about the Sarasota Real Estate Market’s single-family home and condominium sales slowdown. But most economists and real estate experts agree that the reduction in transactions is more a result of timing of new product delivery than anything. These market experts agree that demand remains strong for our region, growing inventory resulting in slower pace of price appreciation, strong home builder confidence, and downward trend of mortgage rates are all contributing to our stabilized market.

As home prices have slowed their double-digit growth, sellers have become realistic in their expectations. They are also eager to take advantage of the greater inventory to choose from for their own next move. I am finding that my savvy luxury home and condo sellers are anxious to take advantage of the influx of buyers who are fleeing tax heavy states. Most have taken time to make needed improvements and preparations to list their home while they were waiting for inventory to reach a tipping point, which has now placed us clearly in a balanced position, where neither buyers or sellers are in an advantageous position.

I am confident that The Sarasota Real Estate Market will continue to remain robust, albeit it with sales fluctuations dependent on new homes and condominium projects coming to market. With several new communities nearing completion we will see a wave of closings for these projects boost our sales in the months to come. I and my fellow luxury colleagues have seen exceptionally strong buyer traffic this year and we share the view that it will result in sound results this year.

And now for my statistical report on the March Sarasota Real Estate Market activity:

Sales

Total Sarasota Real Estate Market dollar volume of $435.2 million in March decreased by $30.1 million from the same month a year ago.

Broken down, single-family sales were $307.6 million and condominium sales were $127.6 million for the month.

The number of properties sold in March was 1,167, 53 less than a year ago. The sales total includes 774 houses and 393 condos.

The 2018 monthly average for sold properties in Sarasota was 1,001.

Florida’s single-family sales were virtually equal to last year, and condo sales were down 6.1% compared to prior year. Homes sold for in excess of $1 million fell 6.1% and condos 1.0%.

U.S. sales fell with single-family sales declining 4.7% and condos down 11.5%.

Of the closed sales in Sarasota last month, 44 were for over $1,000,000, 32 were houses and 12 were condominiums.

In 2018 Sarasota averaged 29 house sales and 17 condo sales per month for over a $1 million sale price, a small portion of our overall sales.

Listings that went pending the past month were 1,409, an increase of 30 transactions from the same month last year and an increase of 221 from February.

For 2018 the monthly average for pending sales was 1,031.

Florida’s single-family pending sales were up 2.6% and 1.0% for condo contracts written compared to last year.

Prices

In March, Sarasota’s single-family homes were sold at a median price of $285,500.

The 2018 monthly median price for houses sold was $281,662.

In March, Florida median price for single-family homes was $256,000 a 2.0% increase over last year.

The national median price for existing homes grew 3.8% to $261,100.

The condominium median sale price in Sarasota was $227,825 in February.

The 2018 monthly median average was $230,989.

Median price for a Florida condo last month was $189,500, a 3.6% increase over March 2018.

U.S. median condo price grew to $244,400, a 3.6% increase.

Sarasota houses sold on average for $412,904 in March, where the 2018 monthly average was $384,110.

Condominiums sold for an average price in March of $324,695. The condominium monthly average sale price sold in 2018 was $355,047.

Inventory

Currently there is available inventory of 5,604 properties for sale in Sarasota County. There were 5,401 at the end of 2018 and 4,401 at the end of 2017.

Of the available inventory for sale, 705 properties are listed for over $1 million or only 12.6%. 526 of the active listings over $1,000,000 are houses and 179 are condominiums.

Sarasota County had 1,511 new listed properties in March. The local market averaged 1,289 new listings in 2018. Of the new listings the past month 84 properties were listed over $1,000,000.

Current inventory results in 5.3 months of single-family homes for sale in Sarasota and 6.4 month’s supply of condominiums.

Florida currently has 4.2 months of single-family inventory and 6.3 month’s supply of condominiums. Inventory of properties selling for over $1 million have increased more than 8% over last year.

U.S. inventory of all housing types is sitting at 3.9 months of supply, increasing 2.4% in March over prior year.

Having served clients in The Sarasota Real Estate Market for more than 37 years and carefully watching and examining business conditions, I have developed essential insight to aid both buyers and sellers in achieving their objectives in today’s shifting real estate market.

The value of partnering with a highly experienced, locally as well as globally connected agent/broker, and a skilled negotiator and advocate cannot be understated. I look forward to working with you, your family and friends in achieving your goals in acquiring or selling your property.

I cannot thank you enough for all your expertise, time and efforts extended to me in putting my property quickly under contract, Recommending you to future clients would be my privilege!

Elaine

From your recommendations on market properties and patience with our long process of identifying a suitable home that would meet our particular needs, to your great communications with us and attention to the details of finalizing the transaction, your services have been nothing less than excellent.

Brian and Debra Sauers

We appreciate all your aid for us in selling our Bird Key home. We were fortunate to have you as our realtor, and will highly recommend you to others.

Evelyn Morfee

My husband and I considered ourselves very fortunate when referred to Michael Moulton. Michael listened to each and every detail and performed beyond our expectations. Everything went seamlessly from touring homes and properties to the purchase of our retirement property. We would recommend Michael to anyone wanting expert advice in purchasing real estate.

Karen

Michael acted as our Sellers’ broker for my deceased mother-in-law’s estate. We just closed the sale for $2.5 mm. I am a retired attorney and have worked with R.E. brokers and on real estate matters many times. I generally have a somewhat jaded view about the value provided by commissioned brokers. Michael overcame my biases and completely earned the trust and appreciation of my wife and I. He was easy to work with, responsive and knew the market and best practices. We really appreciated that he was not “pushy” and we also liked his dry sense of humor. I will recommend him to any friends who need a broker in the Sarasota area in the future.

Mike VanSicklen

Professional through and through. Honest and sincere.

Jeff Azpell

He is very important to us as we are seeking a new residence. He knows the area well and has answered all our questions. We are grateful for all our visits and we will come again.

Constantine Mavroudis

I have only good things to say of Michael. He listened to my remarks and professionally and patiently gave choices which led to a purchase of a home that I really could enjoy. I would volunteer Michael’s name to anyone who is looking for real estate!

Mary Lee

Michael’s thorough knowledge of the Sarasota/Longboat Key markets and ability to quickly understand our needs meant that our time together was efficient and productive. His expertise helped us to negotiate a fair price and his follow through was excellent. We are delighted with our decision to purchase our new condominium and look forward to many happy years there, thanks to Michael’s time, effort, and professionalism.

Kate and Peter

Thank you for the superb job you did on the sale of our condo, and for the wonderful cooperation and patience you exhibited for both us as sellers and the buyers. We would highly and happily recommend you as a salesman to anyone looking for residential property on Longboat Key or in the Sarasota area.

Raymond and Martha Wile

We appreciated the exceptional and professional courtesies you warmly extended along the way to making our dream a reality.

Ann and Don Kelly

Mr. Moulton’s optimism and positive attitude were very encouraging to us during the entire time. I have never had such an outstanding experience with a realtor during the many transactions we have had over 30 years.

Amy

Michael has represented us in a number of transactions, primarily buying and selling condominium properties, and has helped to enrich our bottom line. His knowledge of the market and professionalism are second to none. He is patient, detailed, savvy, and a pleasure to work with and will always be our go-to realtor in Sarasota.

Margaret and Jeff

Thank you for your tireless efforts in getting my Dad’s house sold. You are a special person and I will always remember the role you played as I transitioned into my “next chapter.”

Lisa

We want to personally thank you for you work on helping us buy and sell in Longboat Key. Both transactions were complicated, but you really helped us get a great result across the board. Your advice was on point and timely, and we are happy with the outcomes. Thanks again for your effort; we both really appreciate the TLC.

Mary and David

You did an excellent job of marketing our home sale on Casey Key. You conduct yourself as a gentleman and business professional at all times in every situation. We always recommend you to all our friends and business associates.

George

Many thanks! You are to be commended for the fine job you did moving Mom’s home from listing to closing. It was a pleasure to work with you. I will gladly send referrals your way.

Gail

Your professionalism made the searching bargaining and closing processes seamless.

Sandy and Mike

You have been so on the ball, so helpful, so delightful to work with that I would unhesitatingly recommend you to anyone and everyone looking to buy or sell property in Sarasota.

Sara

You were a pleasure to work with and gave us a great education on the real estate market in this area.

Richard

It is no wonder the Michael Saunders & Company is so successful – your attention to detail, communication and follow-thru are exemplary.

Jim and Sherry

We would like to relay to you how impressed we were…professionalism, courteousness and friendly feeling were very gratifying.

Grace

I just wanted to drop you a line thanking you for handling the sale of our condominium at the Ritz-Carlton Towers. Your persistent showing of the unit and your attention to the details were a great help in selling the apartment.

Stephanie and Marvin

Just a note to say thanks for helping us sell our condo. We so much appreciate all your attention and help.

Laura, Eve and Curtis

Just wanted to say thanks so very much for all your hard work on our latest project. We/I really appreciate it; couldn’t have happened without you.

Christine

Now that the deed is done, Judy and I would be remiss if we did not convey our appreciation for your truly outstanding efforts in helping us sell our condo. Perhaps more important was your friendship and “hand-holding” over the months.

Judy

Fran and I would like to commend you on the professional handling of the listing and sale of our property. We especially appreciate the regular reports on showings. We look forward to working with you in the future.

W.R.K.

What is most appreciated is your kind, attentive and professional approach to helping us find the perfect condo – we are so happy with our new apartment.

Lois and Stewart

I want to thank you for assisting in the sale of my apartment. You and your team did a fine job, especially with the servicing of my apartment in my absence.

Shirley

We look at this as a gift from our friend, not just someone who just helped us buy a home.

John and Robin

Michael is an outstanding professional in every way. He is honest, smart, hard working, knowledgeable, experienced, thorough, thoughtful, and an excellent listener.